Insurance - What to do?

[brian628]

My apologies if this topic has been covered previously, but I have a question about insurance coverage.

I have been insuring my V-series WG Sub (along with a few other pieces) for a couple of years with a very popular jewelry insurance company well known to the members of this forum. Because its replacement value is estimated at $34k, the yearly premium for this watch is $437. The insurer tells me that they will only insure it for the full appraised retail cost replacement value. However, I know that I can replace it for considerably less - probably $26k looking at the current market.

Am I being taken to the cleaners here? Why can't I insure it for a true replacement cost? Is this the same for all insurance companies, or are there any that will let me set the replacement amount? Do they fear fraudulent claims for quick cash or something?

Thank you very much for any recommendations or insights that you can provide!

[Vincent65]

I don't have any insured, but from what I've read, 400-500 bucks p/a sounds about right, especially for such an expensive watch. I doubt dropping the value to 26k would make much difference on the premium, tbh.

[etp095]

You could get the watches reappraised for their actual value today.Talk to your homeowners insurance agent for a quote.Mine is around $10 for every thousand insured(state farm).

[mjclark32]

I just went to jewelersmutual.com for a quote on $34,000... with a $0 deductible it came to $612 per year... seems like you're doing ok at $437

[mruhland31]

I have Jewlers Mutual too...my premium for my Sub C is 0 deductible and $162 for the year...think I received a little break as I have a home alarm and floor safe. Think you're premium sounds about right..my opinion is that I would rather have my watch insured for the full replacement value...that way I can go to an AD and get a brand new watch...for me I would rather do that than have to go to the grey market...not that there is anything wrong with buying from them but my watch was purchased from an AD and I want it replaced from an AD

[brian628]

My premium is with a $1,000 deductable. The highest allowable, I believe.

I bought mine from a trusted seller here on the forum.... at a great discount. With these guys as good as they are, I'm not sure I'd do it any other way.

[chicfarmer1]

Wow, that does sound like a bit steep pricing with a $1K deductible. You can get it for 0 deductible on a rider policy elsewhere for close to that amount.

[Victory07]

Get a quote from your current insurer that insures your home. Adding this as an item to your homeowners policy could allow you to save some money...and they will probably let you set your own level of monetary coverage.

[superdog]

I insure for my full amount even tho I got a nice discount.

It's a WG DDII and I pay about what your paying.

Think of it this way: if something happens and you get the full amount back, you make some money.

[dssxxxx]

I have homeowners with 2 riders. One is for my wife's 6 figure diamond ring and the other is a $100K rider for all other jewelry. Robbery in home........sh*t out of luck. Robbery on the street, all is covered. The rider covers my watches, her watches, her ear rings, wedding band, etc. up to a max of $100K. A lot less expensive than insuring each watch or piece.

[Soly20]

Why full retail price? My insurance company asked for receipts. They cover what I paid for . I have one watch that i lost the receipt for, so i showed them the prices on a few websites and gave them a photo of the serial on the watch and warranty book, and they were satisfied with that amount. Its a well know insurance company. They told me they will cover my watches internationally as well, as I travel a lot.

[chicfarmer1]

Originally Posted by dssxxxx

I have homeowners with 2 riders. One is for my wife's 6 figure diamond ring and the other is a $100K rider for all other jewelry. Robbery in home........sh*t out of luck. Robbery on the street, all is covered. The rider covers my watches, her watches, her ear rings, wedding band, etc. up to a max of $100K. A lot less expensive than insuring each watch or piece.

Don't the items have to be itemized on the rider, hence insured per piece in effect? And you didn't say what your riders are costing you, so it's hard to interpret your last sentence about it costing less. Is it replacement value with 0 deductible?

I also don't understand why a burglary wouldn't be covered...pretty strange exclusion for rider items.

[paltak]

I have $25K coverage with Allstate with 1K deductible. It covers all jewelry up to 5K each. I pay $100 per year and no appraisals needed. Not perfect but good enough for me.

[VICI]

Try Chartis

[Speed]

If you ever file a claim...your insurance co will likely not cut you a check. I hear some will buy you a replacement watch (at a great discount to them) from one of the dealers they have a relationship with.

[bradiowausa]

I pay $65 a year for a safety deposit box

[Submarinerman1971]

I have a rider on 4 pieces worth 30 grand or more. I keep everything in a safety deposit box and take a chance I would not loose more then one piece at a time. My basic insurance covers 5000.00 of household jewelry for free that is not listed separately.

[lja1821]

Originally Posted by bradiowausa

I pay $65 a year for a safety deposit box

[LA_LEC]

Originally Posted by bradiowausa

I pay $65 a year for a safety deposit box

That's only good if you never take it out and wear it in the real world.

You never wear it?

[LA_LEC]

I have Statefarm insurance. Added the watches onto the policy as a separate rider. Got them insured for the appraised amount for replacement. Covers damage, theft (anywhere including foreign travel which I do a lot of). Yes, $1000 deductible but super reasonable yearly fee.

[Stonedcl]

so if you do insure it and it does get stolen will they send you a new watch or just a check?
If they send a check then you get same watch that you had stolen and a steel version as a "Beater"

[LA_LEC]

Originally Posted by Stonedcl

so if you do insure it and it does get stolen will they send you a new watch or just a check?
If they send a check then you get same watch that you had stolen and a steel version as a "Beater"

The same watch. In the case of a model that is currently sold it would be a new one of the current model, this is the case in one of my watches. Simple enough.

In the other case the watch is a discontinued model. I had an appraisal done and it was valued at over the amount of replacement. I have photos of the watch showing serial number and condition.

It would be replaced with a watch of comparable condition and therefore comparable value. This was confirmed with the insurance agent as I wondered the same thing myself.

I wanted to assure that since discontinued watch prices can vary greatly based on production year and condition that that would be taken into consideration if the need for replacement ever occurred.

[m_allie]

Originally Posted by LA_LEC

The same watch. In the case of a model that is currently sold it would be a new one of the current model, this is the case in one of my watches. Simple enough.

In the other case the watch is a discontinued model. I had an appraisal done and it was valued at over the amount of replacement. I have photos of the watch showing serial number and condition.

It would be replaced with a watch of comparable condition and therefore comparable value. This was confirmed with the insurance agent as I wondered the same thing myself.

I wanted to assure that since discontinued watch prices can vary greatly based on production year and condition that that would be taken into consideration if the need for replacement ever occurred.

100 percent right plus the insurance company or police will report it stolen to manufacturer and whoever brings it in it will get confiscated and a letter will be presented by the manufacturers legal team to you . Insurance should be bought especially with expensive watches no question

[donas]

I insure my WG Sub through State Farm on a separate rider. Without looking at the paperwork, I believe my annual premium is about $330 with 0 deductible.

They would not allow me to insure it for less than appraisal value. I asked the AD if he could appraise it for less, and he said he couldn't appraise it for less than replacement value, lol......I gave up and just insured it. To me personally, I think this is pretty expensive, but it makes me feel so much better.

[bradiowausa]

Originally Posted by LA_LEC

That's only good if you never take it out and wear it in the real world.

You never wear it?

I only really wear one watch - the others stay in the safety deposit box and get wound every 2 months.

[mrchrischen]

Has anyone here who has insurance, filed a claim yet? I just can't deal with the bullshit from insurance companies. Feedbacks? I am looking to insure a few items.

[Sygj]

I had state farm, rider on my home insurance with $0 deductible. I also insure my cars through them. I was insuring a $3k Tag (appraised value of replacement) for $25/yr. I lost mine, they offered to replace with new version of watch or replace at cost through one of their dealers. They offered $2200. I didn't like the changes to the new version so I asked what would happen if I wanted to upgrade, they said I could choose another watch their dealers sold at their discounted price minus my trade in value, except Rolex due to their yearly price increase, omega was ok.

[Runnin' Rebel]

I have 8 ROLEX watches and pay 14.00 per watch, per month for full coverage including breakage, lost or if I get mugged. No deduction. Total insured amount is 61K.

I've never had to do an appraisal, I just call and tell them the value along with the serial number and description of the watch. I update once a year with the price increase that usually happens.

USAA has an agreement with ROLEX for replacement, I was told by USAA they get a very good replacement price.

This topic comes up quite a bit and I'm going to call USAA and double check. For example, I lose or have my 116613 Serti stolen, I have it insured for 11k. Will I get a full replacement or not. Anyone ever file with USAA on a claim ? What did they do for you ? I want to make sure I'm not over insured and could I get a pay out if I wanted.
Thanks

EDIT: 12.00 per month

Thread on USAA..https://www.rolexforums.com/showthre...ight=Insurance

[A.Sharp]

Personally I prefer to have it insured for the full replacement value. Especially since retail prices increase each year!

However,

I wanted to know what you guys thought about the deductible. Is it better to have 0 deductible and a higher rate, or a lower rate and higher deductible?

I know that when you file a claim, it is rather unpleasant, as well it can raise your rates on all other types of insurance in the future, due to the fact that your claim gets put in a database, making you a higher risk consumer. So since you dont want to file really ever, wouldnt it make sense to have a high deductible and keep the rates low, and if the worst happens to happen, you just pay a few K, and get most of the value back- which is certainly better than a total loss in my opinion??

[sub-eddie]

Originally Posted by brian628

My apologies if this topic has been covered previously, but I have a question about insurance coverage.

I have been insuring my V-series WG Sub (along with a few other pieces) for a couple of years with a very popular jewelry insurance company well known to the members of this forum. Because its replacement value is estimated at $34k, the yearly premium for this watch is $437. The insurer tells me that they will only insure it for the full appraised retail cost replacement value. However, I know that I can replace it for considerably less - probably $26k looking at the current market.

Am I being taken to the cleaners here? Why can't I insure it for a true replacement cost? Is this the same for all insurance companies, or are there any that will let me set the replacement amount? Do they fear fraudulent claims for quick cash or something?

Thank you very much for any recommendations or insights that you can provide!

You can ask them (if your insurance is jewelers mutual) to insure it for less than the appraised value. You can set your own value as long as you have an appraisal and its higher than your set value.